From Rags to Riches
Learning the Value of a Dollar

Photo Illustration by Sage Nenyue| VOX Staff

By Xavier Green
VOX Staff

Every two weeks, once my entire paycheck had disappeared, I would frantically ask myself, “What happened to all of my money?” I have been working for almost two years, making $7.25 per hour, but have nothing to show for it — not even one good pair of shoes, a nice outfit or anything valuable — as evidence of all my hard work. I know I’m not alone. Like me, many of my peers live for the moment and spend money wastefully, not caring about tomorrow. After being confronted by my mother about my irresponsible spending habits, I am learning to balance my money so that I can have fun, but also put some aside to be financially secure.

My Serious Money Problems
When I got my first full-time summer job in 2006, I took home over $500 in my bi-weekly paycheck. I was 16 and so excited about making so much money, that I often blew my funds within a week. On top of my parents borrowing from me and never paying me back, I would use my money to eat out. The next thing I know, I would be dead broke. This happened so much that I learned how to get through a whole week without any money.

Almost two years later, my condition has yet to improve. I make significantly less money during the school year because I only work one day per week. I’m involved in extracurricular activities, and luckily, I don’t have to endure added stress by juggling more hours at work. Up until I receive each paycheck, anticipation builds up in me. By the time I get the check, I would have already thought of so many meaningless things to use the money for.

Recently, I’ve been wondering, What would happen if I weren’t so lucky to have a job? According to the U.S. Bureau of Labor Statistics, only 37% of teens nationwide worked in the summer of 2006. There are so many people in my age group looking for jobs, and I have been abusing my money.
One day my mother asked to borrow some cash from me, and I told her I didn’t have any money. She asked me why I’m always broke.

“You never spend any of it on shoes, clothes, games or anything,” she inquired, “and you don’t have bills to pay.”

She was right. I have a job and no real responsibilities, so why don’t I have money? Soon after, she gave me a questionnaire and told me I wasn’t allowed to cash or deposit my paychecks without showing her my two-week budget plan. I became upset. She’s already on me about everything else; why does she have to get involved with my financial issues? I was reluctant to do come up with my buudget plan, but then I realized that she was only trying to help, so I let her help me.

Keeping a Budget
My mother made me set a budget for each check before I received it. I had to write a list of everything I would spend my money on, with the estimated expense of each item. I also had to put $50 from each paycheck into my savings. Usually after I made my two-week budget plan, my mother reviewed the list. If she didn’t approve my budget plan, I had to write another one. She disapproved of me spending a lot of money on food or non-durable goods. For example, out of a projected $135 paycheck, I planned to spend $20 on transportation, $20 on food, snacks and meals, $50 on a new outfit and $45 for savings. It was a suitable budget for me because I was only $5 below my savings mark, and I had some money to benefit myself. My mother told me to start over because I didn’t have $50 in my budget for savings. When I rewrote my budget plan, she was OK with it, but I wasn’t. I had only $40 to spend on my personal satisfaction, but in the end, everything worked out for the best.

Eventually, my mother had no need to continue to pressure me to budget my money. Now, I actually do my budget plan without my mother’s input because I am my own man. Because I have learned to budget my money, whenever anyone asks for money, I am able to lend it to them without repercussions because I have it to give. I am able to buy whatever I budgeted for without questioning whether I have enough money to pay for things. Nothing has changed with my working hours. I only make a little more than $100 every two weeks, but I have learned how to save most of that money for my future and still have some money left over to spend how I want.

Xavier is a senior at Westlake High.